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Is Facebook’s Libra Really A Cryptocurrency?


After a period of excitement, Facebook launched the most anticipated white paper for its digital asset called Libra. A lot of the pending details will be released on or prior to public launch in the first half of 2020. The information that we have are:
  1. Libra Coin will be a global currency backed by a basket of bank deposits and treasuries from high-quality central banks which will allow you to send money at nearly zero fees. 
  2. Calibra wallet for holding the Libra coins will be integrated across WhatsApp, Facebook, Messenger and Instagram.
  3. For this venture, Facebook will also set up a subsidiary, Calibra (not to be confused with Calibra wallet), which is expected to protect users' data and privacy and not mingle payments with user data, to prevent ad targeting.
It is quite apparent from social media that the majority of the crypto community is very excited by Libra. But the evolution of space as this is a bit ironic since it is not a cryptocurrency (like bitcoin) but rather a stable coin as it is backed by real assets; it may not be censorship-resistant with Facebook’s Calibra wallet requiring KYC, and it will (initially) run on a permissioned blockchain, operated by the 100 corporates who will sign-up to become nodes by paying $10M each (including Visa, Uber, eBay) which means it isn’t decentralized.
Speaking in the Indian context, due to uncertain regulations on cryptocurrencies, Libra coin is unlikely to be available to Indian residents, and the ability of Libra coin to operate as a global currency outside of its network isn’t in the control of the Reserve Bank Of India (RBI). India really needs to update its regulations to allow its residents to benefit from such innovation, as it could assist in economic, job creation and entrepreneurial aspects with the amount of development and innovation happening in the digital space worldwide. 


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